One thing I would absolutely love to achieve in the future is not only owning my own home but also owning multiple properties and becoming a landlord. That might seem a little random and far fetched but property is such a brilliant way of investing your money and I've been interested in it for a long time now, saving as much as possible for the future and putting it towards something like this. As I've been renting for a good few years now, I already have some ideas of things I'd need to do if I ever get the chance to rent out property so here are some of the basic tips I'll be taking on board, and some of my experiences as a tenant too.
Read up on the law
It's vital you know all the rules and regulations around when it comes to renting out a property. Have a thorough read over all the legislation so you know exactly what you're doing and know it's the right thing for you and your family. Make sure you look in safety regulations too as you must ensure any tenants in the property are safe. Several check should be done before renting - smoke alarms fitted, gas safety certificate, a working water supply, checks of electrical systems and appliances etc.
Insurance
There are lots of challenges that you'll have to deal with when you become a landlord, from unexpected loss of rental income if a tenant leaves to damage on your building or possessions. Getting the right insurance is vital to ensure you're protected in case anything does go wrong during your time renting out a property. One company to consider is homelet.co.uk who are there for you every step of the way, offering help and advice, aswell as specially tailored products to make your job as a landlord easier. They can give you the peace of mind that if something happens, you won't be the one left footing the bill. Their insurance policies, designed just for landlords has affordable and comprehensive protection with the ability to add optional extras so you can arrange cover which suits you perfectly.
Decorating
When you first buy the home you're intending to rent out, getting the decor and furnishing right can really help you secure a tenant. A few things to consider, neutral is usually the best way to go as it appeals to more people and goes with most furniture meaning tenants can add their own touch too. Cheap, light carpets might seem more appealing but aren't as likely to last and require more cleaning in between tenants, go for a more mid tone carpet which shouldn't show as many marks, great for bedrooms. It's entirely your choice if you choose to rent your property furnished or unfurnished but if choosing to include furniture in the rent cost, aim to cover the main rooms and don't go for things too out there! We're quite lucky that over time we've been able to replace most of the furniture that was in our flat originally for things more to our taste but at first having those few bits were a massive help, and I'm sure would be for anyone trying to move on a budget! On the other hand, I think it's important to be flexible when it comes to the tenant re-decorating themselves. Whilst yes you own the place and have the ultimate say, unless you're wanting to change tenants regularly, letting them make their own changes to make the place feel a bit more like theirs and somewhere they're comfortable and happy living in, can only benefit everyone.
Establish a good relationship with your tenants
I think it's so important to establish a good relationship with your tenants. They're living in your property so you want to know they're going to look after it and they want to feel secure and like they can come to you with any property problems. As a landlord you can listen to any of your tenants concerns, ensure any issues are sorted in a timely manner but on the other hand, also don't feel you need to be constantly checking up on them. We're lucky that our landlord leaves us to it and in our nearly 4 years of living in this flat, I've personally seen him a handful of times. Whilst we know it isn't technically our home, he's never made us feel that we can't be comfortable here or that we have to worry. If you can build a good relationship with your tenants, you'll feel far more comfortable putting your trust in them to look after the property.
Do you have any tips for first time landlords? or any experience? I'd love to hear!
#MyFirstRentalHome
*This post is in collaboration with Homelet
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